Bitcoin Intraday: the RSI is overbought
Nov 6, 2024 3:05 AM
the upside prevails as long as 72360 is support.
Our pivot point stands at 72360.
Our preference:
the upside prevails as long as 72360 is support.
Alternative scenario:
below 72360, expect 71430 and 70870.
Comment:
the RSI is above 70. It could mean either that the price is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 70371 and 69478). Finally, the Bitcoin / Dollar is trading above its upper Bollinger band (standing at 72961).
Supports and resistances:
76200 **
75650 *
75090 **
74530
73402 last
72730
72360 **
71430 *
70870 **
Our preference:
the upside prevails as long as 72360 is support.
Alternative scenario:
below 72360, expect 71430 and 70870.
Comment:
the RSI is above 70. It could mean either that the price is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 70371 and 69478). Finally, the Bitcoin / Dollar is trading above its upper Bollinger band (standing at 72961).
Supports and resistances:
76200 **
75650 *
75090 **
74530
73402 last
72730
72360 **
71430 *
70870 **
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